Petron's Joseph Yeo is now being eyed to go to Air21 in a straight swap for Nerbert Omolon. Jerome Ascano

THE three-team trade transaction involving the Ai 21 Express and two San Miguel Corporation teams has already been "agreed upon in principle," sources said, with a few revisions.

Under the new terms of the deal, Air21 will get high-scoring off-guard Joseph Yeo from Petron for wingman Nelbert Omolon in a straight swap then acquire Kerby Raymundo from Barangay Ginebra in exchange for big man James Sena and the Express' first-round pick in 2014.

The transaction, slightly tweaked from the terms first broached over the weekend and reported by Spin.ph on Monday, may reach the Commissioner's Office for approval as early as Wednesday, sources said.

“Pinabago - naghahanap kami ng mas bagay. Medyo parang kulang yung makukuha namin sa Air 21,” said a source from the San Miguel group which asked not to be named.

One major stumbling block to the trade was cleared, sources said, when SMC big boss Ramon S. Ang, who is reportedly close to the Yeo family, approved the trade.

The deal will be the first of two major transactions that the Bert Lina franchise will make within the week as Air21 looks to address two areas where it is weakest - the off-guard position and its frontline.

The Meralco Bolts are also in negotiations with team governor Lito Alvarez for a one-on-one swap that will involve former Dela Salle Green Archers stars Mark Cardona and Mike Cortez.

(For full story, see Source: Air21 also in talks with Meralco for possible Cardona-Cortez swap)

Under the new terms of the deal, Air21 will get high-scoring off-guard Joseph Yeo from Petron for wingman Nelbert Omolon in a straight swap then acquire Kerby Raymundo from Barangay Ginebra in exchange for big man James Sena and the Express' first-round pick in 2014.